S 553
108th Congress
Senate
Finance and Financial Sector
Administrative procedure
Bank accounts
Bank deposits
Bank reserves
Commerce
Corporate finance
Dividends
Economics and Public Finance
Federal Reserve System
Government Operations and Politics
Interest
Law
Monetary policy
Money supply
NOW accounts
Savings accounts
Business Checking Freedom Act of 2003
Introduced: March 6, 2003
Introduced by:
Schumer, Charles E.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 6, 2003
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 6, 2003
Introduced in Senate
Plain-English summary
Business Checking Freedom Act of 2003 - Amends Federal law to authorize interest-bearing transaction accounts for all businesses, permitting up to 24 transfers per month (or any greater number the Federal Reserve Board may determine) to another account of the owner in the same institution.
Authorizes the payment of interest by a Federal reserve bank at least quarterly on balances maintained there on behalf of a depository institution.
Amends the Federal Reserve Act to revise the ratio of reserves a depository institution must maintain against its transaction accounts, permitting a ratio of zero.
Directs the Federal Reserve banks in FY 2003 through 2007 to transfer to the Board for transfer to the Secretary of the Treasury, for deposit in the general fund, additional surplus funds equal to the net cost of their interest payments to depository institutions.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1